[Form 4] United Airlines Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Kate Gebo, Executive Vice President of HR and Labor Relations at United Airlines Holdings, reported multiple transactions on 08/12/2025 in Form 4. The filing shows sales of 29,953 and 6,343 shares of United Airlines common stock at weighted-average prices of approximately $97.593 and $97.811, respectively. After these transactions, the reporting person directly beneficially owned 45,496 shares and indirectly beneficially owned 69,106 shares; certain balances are held in revocable trusts and some shares are held by the reporting person’s spouse. The form also discloses grant/gift entries totaling 11,805 shares affecting reported ownership.

Positive

• Transparent disclosure of multiple transactions with weighted-average prices and explanatory footnotes
• Ownership detail shows use of revocable trusts and spouse holdings, clarifying indirect beneficial ownership

Negative

• Insider sales of 29,953 and 6,343 shares on 08/12/2025 reduced direct holdings
• Material volume sold (totaling 36,296 shares) may be viewed by some investors as decreased insider exposure

Insights

Financial Analyst

TL;DR: Insider executed material stock sales on 08/12/2025, reducing direct holdings while retaining indirect and trust-held positions.

The Form 4 documents multiple sales totaling 36,296 shares reported on 08/12/2025 at weighted-average prices near $97.60–$97.81. Post-transaction beneficial ownership shows both direct and indirect positions, including shares held in revocable trusts and by the reporting person’s spouse. These are routine Section 16 disclosures that provide transparency on the executive’s stock ownership and liquidity events; the filing contains explanatory footnotes on price ranges and beneficial ownership.

Corporate Governance Expert

TL;DR: Form 4 is a standard, properly signed insider report showing sales and trust/spouse holdings; disclosures are specific and documented.

The filing includes required explanatory footnotes about weighted-average sale prices and identifies indirect holdings via spouse and revocable trusts. The signature block is present and signed by an authorized filer. No amendments or additional governance actions are disclosed within this Form 4; the report focuses solely on changes in beneficial ownership recorded on 08/12/2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gebo Kate

(Last) (First) (Middle)

P. O. BOX 66100 HDQLD

(Street)

CHICAGO IL 60666

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
United Airlines Holdings, Inc. [ UAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP HR and Labor Relations

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/12/2025		S		29,953	D	$97.593(1)	45,496	D
Common Stock	08/12/2025		G	V	11,805	A	$0	57,301	D(2)
Common Stock	08/12/2025		S		6,343	D	$97.811(3)	69,106	I	See Footnote(4)
Common Stock	08/12/2025		G		11,805	D	$0	57,301	I	See Footnote(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $97.53 to $97.715, inclusive. The reporting person undertakes to provide to United Airlines Holdings, Inc., any security holder of United Airlines Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

2. Balance held in a revocable trust in the name of the reporting person.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $97.81 to $97.84, inclusive. The reporting person undertakes to provide to United Airlines Holdings, Inc., any security holder of United Airlines Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

4. By spouse of the reporting person.

5. Balance held in a revocable trust in the name of the spouse of the reporting person.

Remarks:

	/s/ James Cotton for Kate Gebo	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Kate Gebo report for UAL on 08/12/2025?

The Form 4 reports sales of 29,953 shares at a weighted-average price of ~$97.593 and 6,343 shares at a weighted-average price of ~$97.811, plus grant/gift entries of 11,805 shares.

How many UAL shares does the reporting person own after the transactions?

Following the reported transactions, the reporting person directly owned 45,496 shares and indirectly owned 69,106 shares, with certain balances held in revocable trusts and by the spouse.

Are the prices in the Form 4 exact per-share amounts?

The filing states the reported prices are weighted averages and provides ranges: $97.53–$97.715 for one set of sales and $97.81–$97.84 for another; the filer offers to provide breakdowns on request.

Who signed the Form 4 for Kate Gebo?

The Form 4 is signed electronically by James Cotton on behalf of Kate Gebo on 08/14/2025.

Do the entries show indirect ownership and why?

Yes; footnotes state portions of the holdings are led by the reporting person’s spouse and held in revocable trusts, which account for the indirect beneficial ownership entries.